Naek for legislation to criminalise terrorist financing

Chairman Senate Farooq H Naek Tuesday called for additional efforts to freeze terrorist assets and enact legislation to criminalise terrorist financing and to improve information sharing between financial intelligence units. Through effective policy-making and legislative interventions, national institutions can be enabled to effectively cope with terror-related challenges such as flow of money into wrong hands.
Another effective intervention can be necessary legislation to criminalise not only money laundering but terrorist financing as well, said the Chairman Senate speaking as chief guest at judicial workshop, 'Parliament's Role in Combating the Financing of Terrorism.
He said, informal money transfer system could be vulnerable to be used by terrorist and terrorist organisations. Likewise, laundering money through front organisations such as charities, offshore, companies and trusts and areas like Cayman Island, Jersey, Liechtenstein and Isle of Mann provide a way for groups to transfer cash from legitimate causes to terrorist ones.
"Such legislation should cover a wide set of predicate crimes and also define the responsibilities and powers of various government agencies involved, "said Naek addressing the conference organised by Counter Terrorism Committee Executive Directorate (CED) of the UN and the World Bank.
He said, Parliaments around the world could cooperate to ensure that there is an overcharging set of laws and procedures integrated across the political boundaries to track, dismantle and punish terrorists and those who finance them. Stressing for more comprehensive cooperation among national parliaments to tackle this issue, he said that such cooperation is vital to combat terror not just on an operational level but on a philosophical level.
"Parliamentarians are entrusted by citizenry with the task of regulating public life through the promulgation of laws. It is our job as promulgators and custodian of law to present a common front to the terrorists," said the Chairman Senate. He said, Pakistanis commitment to combat terrorism goes beyond law enforcement as particular attention is being paid to strengthen our legal regime to address all aspects of this complex problem.
"In this regard, an Anti Money Laundering Law was promulgated in 2007 that contains detailed provision for countering terrorist financing and number of amendments are being made to make law of international standard," he said.
The chairman observed that workshop is a welcome initiative and a stronger and deeper cooperation between national parliaments, international financial institutions, security networks and other stakeholders vis-vis exchange of information and intelligence sharing to detect and eliminate financing for terrorism.
Executive Director CTED Mike Smith, said countering terrorist financing is inevitable to eliminate this menace of terrorism and Parliaments can play due role to make any legislation in this regard. He said, the legislation is a basis in this regard and the Parliament can also upgrade this legislation in accordance with the needs of time. Smith said, the Parliament has also the role to explain the facts to the people about challenges of terrorism and get their ideas. The two-day workshop is being attended by a large number of parliamentarians from different political parties.